Walmart and Oracle Abandon TikTok Deal Indefinitely
A plan that would have forced China's ByteDance to sell TikTok's U.S. operations to Walmart (NYSE: WMT) and Oracle (NYSE: ORCL) has been suspended indefinitely, according to a report today in The Wall Street Journal. The Biden administration will undertake its own review of the situation to address the privacy and security risks posed to U.S. users resulting from the potential for data collection by the Chinese government.
That doesn't mean the deal is completely dead, though any future agreement would likely change, since there's no longer the threat of a looming closure at the hands of the U.S. government.
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Source Fool.com
